Bitcoin may face a challenge breaching the $70,000 mark on June 7, as over $2.2 billion in cryptocurrency futures options expire.
Of this amount, $1.22 billion in Bitcoin futures options are set to expire on Friday, signaling a potential downturn to a “max pain point” of $69,500 for Bitcoin (BTC).
According to a recent post by Deribit Exchange on June 6, the BTC futures options will expire with a put-to-call ratio of 0.66 on June 7 at 8:00 a.m. UTC.
The period leading up to the expiration of options typically sees heightened price volatility in crypto markets. While the max pain point suggests the price where most options contracts would expire worthless, it does not guarantee that Bitcoin will indeed drop to that level.
As of the 24-hour period ending at 10:50 a.m. UTC, Bitcoin’s price rose by 0.3% to reach $70,950. The leading cryptocurrency has seen a 4.6% increase on the weekly chart, according to CoinMarketCap.
Summary Review: The cryptocurrency market is bracing for potential volatility as over $2.2 billion in Bitcoin futures options expire, with a max pain point signaling a potential dip below $70,000. While this expiration could lead to increased market turbulence, Bitcoin’s resilience and recent price movements suggest a cautious optimism among investors. As always, it’s essential to monitor market dynamics closely to navigate potential fluctuations effectively.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
